Chinese tech giants pause stablecoin plans after Beijing steps in, FT reports

Oct 18 (Reuters) - Chinese tech giants including Alibaba-backed Ant Group 688688.SS and e-commerce group JD.com 9618.HK have paused plans to issue stablecoins in Hong Kong after the government raised concerns about the rise of currencies controlled by the private sector, the Financial Times reported on Saturday.

Companies have put their stablecoin ambitions on hold after receiving instructions from Chinese regulators, including the People’s Bank of China (PBoC) and Cyberspace Administration of China (CAC), not to move ahead, FT reported, citing people familiar with the matter.

Reuters could not immediately verify the report.